Yankees first to top $1 billion

NEW YORK (AP) – The New York Yankees became the first baseball team valued at more than $1 billion in the annual estimates made by Forbes magazine.

The Yankees’ value increased 8 percent to $1.026 billion, the magazine estimated in its May 8 issue, which was released Thursday. New York had revenue of $354 million last year before paying $77 million in revenue sharing and $34 million in luxury tax.

Forbes estimated the Yankees had a $50 million operating loss before interest, income taxes, depreciation and amortization.

The Boston Red Sox were pegged with the second-highest value at $617 million, followed by the New York Mets ($604 million), Los Angeles Dodgers ($482 million), Chicago Cubs ($448 million) and Washington Nationals ($440 million).